ADP National Employment Report: Private Sector Employment Increased by 233,000 Jobs in October; Annual Pay was Up 4.6%

Posted by Admin October 30, 2024 Jobs

ROSELAND, N.J., Oct. 30, 2024 /PRNewswire/ — Private sector employment increased by 233,000 jobs in October and annual pay was up 4.6 percent year-over-year, according to the October ADP^® National Employment Report™ produced by ADP Research in collaboration with the Stanford Digital Economy Lab (“Stanford Lab“). The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.

The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data to provide a representative picture of the private-sector labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. Because the underlying ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls (Payroll Employment) to provide a richer understanding of the labor market. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.

“Even amid hurricane recovery, job growth was strong in October,” said Nela Richardson, chief economist, ADP. “As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient.”

October 2024 Report Highlights*

View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.

JOBS REPORT

Private employers added 233,000 jobs in October
Job creation hit its highest level since July 2023 as the economy worked through hurricane recovery. Manufacturing was the only sector to shed jobs.

Change in U.S. Private Employment: 233,000

Change by Industry Sector

– Goods-producing: 22,000

Natural resources/mining 4,000
Construction 37,000
Manufacturing -19,000

– Service-providing: 211,000

Trade/transportation/utilities 51,000
Information 7,000
Financial activities 11,000
Professional/business services 31,000
Education/health services 53,000
Leisure/hospitality 37,000
Other services 21,000

Change by U.S. Regions

– Northeast: 48,000

New England -6,000
Middle Atlantic 54,000

– Midwest: 63,000

East North Central 51,000
West North Central 12,000

– South: 77,000

South Atlantic 60,000
East South Central -13,000
West South Central 30,000

– West: 44,000

Mountain 26,000
Pacific 18,000

Change by Establishment Size

– Small establishments: 4,000

1-19 employees 10,000
20-49 employees -6,000

– Medium establishments: 86,000

50-249 employees 58,000
250-499 employees 28,000

– Large establishments: 140,000

500+ employees 140,000

PAY INSIGHTS

Pay gains slowed in October
Year-over-year pay gains for job-stayers dipped to 4.6 percent, continuing a two-year slowdown. For job-changers, pay gains slowed to 6.2 percent.

Median Change in Annual Pay (ADP matched person sample)

– Job-Stayers 4.6%

– Job-Changers 6.2%

Median Change in Annual Pay for Job-Stayers by Industry Sector

– Goods-producing:

Natural resources/mining 3.4%
Construction 4.9%
Manufacturing 4.5%

– Service-providing:

Trade/transportation/utilities 4.4%
Information 4.3%
Financial activities 4.9%
Professional/business services 4.5%
Education/health services 5.1%
Leisure/hospitality 4.6%
Other services 4.8%

Median Change in Annual Pay for Job-Stayers by Firm Size

– Small firms:

1-19 employees 3.9%
20-49 employees 4.6%

– Medium firms:

50-249 employees 4.9%
250-499 employees 4.8%

– Large firms:

500+ employees 4.6%

To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here:

* Sum of components may not equal total due to rounding.

The September total of jobs added was revised from 143,000 to 159,000. The historical data file and weekly data for the previous month are available at https://adpemploymentreport.com/.

To subscribe to monthly email alerts or obtain additional information about the ADP National Employment Report, including employment and pay data, interactive charts, methodology, and a calendar of release dates, please visit https://adpemploymentreport.com/.

The November 2024 ADP National Employment Report will be released at 8:15 a.m. ET on December 4, 2024.

About the ADP® National Employment Report™
The ADP National Employment Report is an independent measure of the change in U.S. private employment and pay derived from actual, anonymized payroll data of client companies served by ADP, a leading provider of human capital management solutions. The report is produced by ADP Research in collaboration with the Stanford Digital Economy Lab.

The ADP National Employment Report is broadly distributed to the public each month, free of charge, as part of the company’s commitment to offering deeper insights of the U.S. labor market and providing businesses and governments with a source of credible and valuable information.

About the ADP Research
The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policymakers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world.

About ADP (NASDAQ – ADP)
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SOURCE ADP, Inc.